Brendan
22-05-08, 09:01 PM
Hey all you International Tycoons, I though you might find this interesting..
Dollar hovers near 25-year highs
The Australian dollar hovered near 25-year highs against a weak US dollar today, drawing strength from its hefty interest rate advantage and surging commodity prices.
But lingering risk aversion and the Aussie's sharp fall against the New Zealand dollar, after the government there unveiled an expansionary budget, stalled the local dollar's advance around $US0.9650.
New Zealand Finance Minister Michael Cullen unveiled $11 billion in tax cuts to begin from October 1. The fiscal stimulus saw investors pare expectations of a rate cut there later this year, and led the Aussie to its lowest in nearly two weeks against the kiwi.
The local currency fell to a low of $NZ1.2204, its weakest since May 9.
To read the rest of the article, check here:
Dollar hovers near 25-year highs | smh.com.au (http://business.smh.com.au/dollar-hovers-near-25year-highs-20080522-2h01.html)
Dollar hovers near 25-year highs
The Australian dollar hovered near 25-year highs against a weak US dollar today, drawing strength from its hefty interest rate advantage and surging commodity prices.
But lingering risk aversion and the Aussie's sharp fall against the New Zealand dollar, after the government there unveiled an expansionary budget, stalled the local dollar's advance around $US0.9650.
New Zealand Finance Minister Michael Cullen unveiled $11 billion in tax cuts to begin from October 1. The fiscal stimulus saw investors pare expectations of a rate cut there later this year, and led the Aussie to its lowest in nearly two weeks against the kiwi.
The local currency fell to a low of $NZ1.2204, its weakest since May 9.
To read the rest of the article, check here:
Dollar hovers near 25-year highs | smh.com.au (http://business.smh.com.au/dollar-hovers-near-25year-highs-20080522-2h01.html)